Final settlement has been reached in the acquisition of McWilliams Wines and Mount Pleasant Wines by Calabria Family Wines and the Medich Family Office, respectively.
The deal worth $50 million means that Calabria Family Wines is now the sole owner and operator of the McWilliams Wines’ business, Hanwood winery and associated land in Griffith. Notice was issued by creditors KPMG advising that settlement was reached on 25 May.
On May 21, the Medich Family Office finalised their acquisition of the Mount Pleasant business, including the winery and vineyards in Pokolbin.
Creditors KPMG will pay employee entitlements, creditors and shareholders in dividends. When the 143-year-old McWilliam’s Wines Group went into voluntary administration in February 2020, it was $34 million in debt. Family ownership had lasted six generations and at the time, the business was divided between 70 family members.
The Australian Financial Review reported in April, that De Bortoli Family Wines, with the support of family member David McWilliam, put in a $47.5 million offer to acquire the whole group but creditor Gayle Dickerson said that an agreement had been signed on 1 April. Calabria Family Wines responded by lifting its offer to $50 million.
“We executed a heads of agreement on 1 April, 2021, based on the best offer at that time that represented a superior return to creditors,” Dickerson said.